The story of Yirbu

[Don_xyZ]

First forex trade of the year.
Lots of pips.

First had some trades up, some down and I lost +/- 1%
Eventually I could hop on this one. Got scared at the 1st pullback so I took half but when price continued I went in again.
I didn't have the guts to sit through the second pullback as we were at a nice round number and a H4 Z-Line/FVG.
Took my profits and I'm fine with that.

I did try a small reversal trade but with all that weight coming down it was short lived.

240102 - EURUSD.jpg

Good anchor trade in my book

[Don_xyZ]

Didn't plan to post this chart for various reasons and initially marked it up for my personal archive.
I do think there is some learning value in this chart so here it goes....

The first entry was a nice entry. It is a mixed entry; inside bar; I like to enter short early when price has just took the top of an IB, in this setup price also enters and leaves the "alias" zone.
My target was already defined at a H1 Z-Line and only a clean break would have made me keep the postion open.
Took profit and went long (if you exit because you think price will reverse it's just stupid if you don't open a position going the other way)
Got killed fairly quickly...
Jumped in again and everything was looking bright and sunny until it didn't....
I was holding on to my long because I felt much more "up" was coming but at the same time wasn't so sure so I opened a short.
Eventually I closed my long for only +5 and closed my short at the Z-Line again.

It was a nice profit but unfortunately I lost most of it later in some us30 trades.

240105 - Eurusd.png

Good conduct. Practice more methods to expand your angle.

[Yirbu]

The question I have is whether you are wrong because of 'A' or 'B'.

An easy, and better(?), way to control this size of your losses is to enter in 6ths:
- short 1, if it doesn't turn into a 'B' situation then short another 1.
- short 2, if it doesn't turn into a 'B' situation then short another 2.
- short 3, if it doesn't turn into a 'B' situation then short another 3.

If you lose on 1, you've lost 1/6 * pips.
If you lose on 2, you've lost 1/3 * pips.
If you lose on 4+ then you've lost only profit.

If you get to '3 + 3' then you're making more than you could ever lose.

Trying to control the size of your losses with just a stop loss is an uphill battle.

ABC.png

I see your point and it would be great if I could minimise my losses. I just don't see how these trades would have benefitted. Obviously the second trade, a cost trade, wouldn't have been a full loss. But the profit trades would have made less not so?

For slightly longer term trades I do see a huge advantage and I think I can make a variation of this beneficial. But why 6ths? And not 5ths or 7ths?

In this case, I just should not have walked away from my terminal. Option C.

[IgazI]

I see your point and it would be great if I could minimise my losses. I just don't see how these trades would have benefitted. Obviously the second trade, a cost trade, wouldn't have been a full loss. But the profit trades would have made less not so?

For slightly longer term trades I do see a huge advantage and I think I can make a variation of this beneficial. But why 6ths? And not 5ths or 7ths?

In this case, I just should not have walked away from my terminal. Option C.

Ah, the "wouldn't I make more money if I bet larger" question.

You're assuming that you are going to make money right out of the gate;
making money is not just maximizing gains, but also minimizing risk.

You minimize your losses by betting smaller when you are disadvantaged and betting larger when you have more information and momentum.

You can use 4ths or 5ths or 6ths or 8ths
1 + 1
2 + 2 == 4
3 + 3 == 6
4 + 4 == 8
& we are not scaling to max in the same trade, so it doesn't matter if you are trading a 1 minute or a daily chart.

Why would you bet large if you are not making money? & if you are making money then you can afford to bet larger.

You're first entry you are guessing, you're second entry you are seeing:
sort of like putting a dot on a chart and measuring whether price is up or down from the first dot.

So, yes, you could make more money if you bet a million dollars, but that doesn't mean that you are on your way to riches.

[Yirbu]

I see your point and it would be great if I could minimise my losses. I just don't see how these trades would have benefitted. Obviously the second trade, a cost trade, wouldn't have been a full loss. But the profit trades would have made less not so?

For slightly longer term trades I do see a huge advantage and I think I can make a variation of this beneficial. But why 6ths? And not 5ths or 7ths?

In this case, I just should not have walked away from my terminal. Option C.

Ah, the "wouldn't I make more money if I bet larger" question.

You're assuming that you are going to make money right out of the gate;
making money is not just maximizing gains, but also minimizing risk.

You minimize your losses by betting smaller when you are disadvantaged and betting larger when you have more information and momentum.

You can use 4ths or 5ths or 6ths or 8ths
1 + 1
2 + 2 == 4
3 + 3 == 6
4 + 4 == 8
& we are not scaling to max in the same trade, so it doesn't matter if you are trading a 1 minute or a daily chart.

Why would you bet large if you are not making money? & if you are making money then you can afford to bet larger.

You're first entry you are guessing, you're second entry you are seeing:
sort of like putting a dot on a chart and measuring whether price is up or down from the first dot.

So, yes, you could make more money if you bet a million dollars, but that doesn't mean that you are on your way to riches.

Yes thx, I do understand what you are saying.
I just don't know (yet) how I can take advantage of this to get the most out of it.
My winrate is much better now so when I trade I'm pretty sure I will come out with a profit.
What helped the most is what you said to treat trading like a shop: What matters is what's in the counter at the end of the day (pretty sure you didn't use these words but this is my interpretation).

But because my trading is a bit wobbly sometimes I have a consistently bad day and my winrate drops to 30% or 40%.
I'll try to implement trading partials on these wobbly days.

[Yirbu]

Today I just took two trades in the evening.
First trade was an inside bar.
Second trade; price broke that intermediate high, created a fvg and tipped back into the fgv. SL < 1 pip.
Too bad there was no follow through.

Both trades are completely different styles --> Monkey style trading

240108 - EURUSD.jpg (202.72 KiB) Viewed 34313 times

[Yirbu]

Markets realy did not want to cooperate today.
I hate it when I'm not in sync and losses pile up.

[kiwiarian]

Markets realy did not want to cooperate today.
I hate it when I'm not in sync and losses pile up.

tomorrow is another day, im sure one or two wins will keep you miles ahead of the game.

[Yirbu]

Second day in a row US30 was kind for me.
Tried a short first while I knew they way to go was probably up.

Took this bad boy and was able to stay on top to the end.
I did take a hedge at the pullback but let that one run back into b.e.

I also like these trades when price keeps going and going.
Only thing is that it takes sooooo long and I need/want to manage it if something happens.

240119 - us30.jpg (220 KiB) Viewed 26129 times

[kiwiarian]

Second day in a row US30 was kind for me.
Tried a short first while I knew they way to go was probably up.

Took this bad boy and was able to stay on top to the end.
I did take a hedge at the pullback but let that one run back into b.e.

I also like these trades when price keeps going and going.
Only thing is that it takes sooooo long and I need/want to manage it if something happens.


240119 - us30.jpg

nice run, so about a four hour duration by looks, do you keep tabs on it with your phone or are the near the PC mainly?